Magic Eden wallet will be deprecated, announced the former $NFT marketplace. The wallet will only allow exports from April 1 to allow users to move their private keys or seed phrases.
The Magic Eden wallet will be removed from all app stores and will enter export-only mode, not allowing new transactions or other activities.
Users must export the keys as soon as possible. The only version is the downloaded wallet, and new Magic Eden wallets cannot be downloaded or recovered. Magic Eden also discontinued its EVM and Bitcoin wallets on the site, as users had to withdraw all funds for bidding, or claim them through the site’s support if they missed the March 27 cut-off date. All
Any assets can be sent out before April 1, or the keys can be imported into another wallet. Users are urged not to delete wallets, since the app cannot be recovered. Assets are still safe if users store their seed phrase and pick a new wallet.
The wallet will fully shut down on May 1, removing any chance to salvage private keys.
Magic Eden pivoted at the end of February
The wallet’s deprecation was widely expected, as Magic Eden pivoted from its former role as an $NFT marketplace. The platform focused on other trends, including the crypto casino and sportsbook platform Dicey.
Earlier in March, Magic Eden shut down its Ethereum and BTC marketplaces, removing liquidity from Bitcoin ordinals and other $NFT collections. The Bitcoin API was shut down on March 27.
Magic Eden has focused on mixing finance and entertainment, using existing on-chain and Web3 infrastructure.
NFTs are not entirely gone, with Crypto Punks still achieving sales of as much as 31 ETH lately. Magic Eden still supports Solana collectibles and Pokémon packs. Magic Eden will still support a Solana $NFT marketplace, Solana Packs, and Solana Lucky Buy.
ME token remains central to Magic Eden
ME tokens will remain central to the Magic Eden reward system. Stakers will still receive USDC rewards for locking up ME. As Cryptopolitan reported, Magic Eden has also set up a ME buyback program.
ME tokens trade at $0.09, near an all-time low, but are still used in an attempt to give incentives to the community. The token will also be used in the Dicey app, and will remain the main path for users to engage with the platform. In the past months, Magic Eden worked to integrate ME with the Dicey gaming economy. Token use cases may evolve with the project’s roadmap.
The platform’s native tokens still await the unlocking of 28.4% of its supply, with ongoing linear unlocks. The ME airdrop and launch were considered one of the worst in the crypto space, as the price immediately crashed, while users only received minimal rewards for their $NFT trading. The token launched just as $NFT winter was in full swing, with an extremely high fully diluted value of $10B.
